Renovations are inevitable for Toronto homeowners seeking to maintain their homes’ beauty and glory. They are some of the best opportunities to add value to your home, their reasons notwithstanding. But how much do full-home renovations cost in Toronto?
Averagely, a Toronto resident needs between $100 and $300 to renovate one square foot of any room. This cost includes wiring, insulation, demolition, and framing. The exact renovation costs depend on many factors.
This post discusses the leading factors driving renovation costs and how to fund your home renovations. It also covers valuable ways to save money on your next remodeling project. Keep reading to learn more.
What Drives Full Home Renovation Costs?
Many factors determine a home renovation project’s cost. Here are some of the top drivers worth considering before renovating your Toronto home.
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Design Complexity
Your house’s architectural complexity and uniqueness significantly determine its final renovation cost. A complex house design costs more to reorganize its plumbing or electrical systems. It also costs more to demolish its walls. Inversely, less complex home designs are cheaper to renovate.
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Location
Your home’s location also determines its remodeling cost. For instance, a house that is difficult to access using standard building materials, machines, and tools will cost you more to renovate.
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Luxury Finishes
The kind and number of high-end finishes you want to add also determine your renovation project’s cost. So, you can minimize your project’s cost by reducing these final touches.
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Ceiling Height
Ceiling height is another factor influencing home renovation costs in Toronto. For instance, introducing an addition that exceeds the standard ceiling height will cost you more and vice versa.
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Design
Some renovation projects are complex and require professional designs. That means you will hire a designer to craft that layout before renovating your home. This professional involvement will push the remodeling cost higher.
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Your House’s Age
How old or new is your house? Older houses usually need more and deeper renovations than newer ones. That means that a newer house will be cheaper to remodel than an old one.
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Labor Quality
Your chosen renovator’s quality also determines your renovation’s final cost. Hiring a reputable renovator with credentials and insurance costs more. Inversely, a local handyman doing some side gigs will charge you less.
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Timeframe
Your renovation project’s timeframe also determines its price. For instance, you might need smaller and less expensive improvements if you plan to sell your renovated home soon. These upgrades may include boosting overall curb appeal and repainting.
How to Fund Your Home Renovation
Now comes the crux of renovation costs: funding sources. Everything we’re discussing here is impossible without ready funds. Below are some ways of funding your renovation project.
- Grants, Loans, and Rebates for Energy Efficiency Upgrades
Canadian municipal, provincial, and federal governments offer loans, rebates, and grants for energy-saving remodels. A Toronto homeowner can enjoy a low-interest loan amounting to $75,000 to finance home energy improvements via the Home Energy Loan Program.
- Credit Cards
You can also fund your home renovation in Toronto using credit cards. However, this option has high interest rates and should only be the last resort.
- Mortgage Refinancing
Mortgage refinancing is another way of funding your home renovations. Opting for a cash-out mortgage refinancing might be a better idea than a standard personal loan. You can use this method if your lender’s interest rates have significantly reduced since you took your current mortgage.
- Personal Loans
You may also use a personal loan to finance your renovation. This option is ideal if your savings aren’t enough to fund the project. A personal loan usually comes in handy because it has short approval and repayment periods. They’re suitable for small renovation works.
- Savings
Lastly, you could save to fund your renovations if they aren’t urgent. This financing alternative is smart since it’s the cheapest. Additionally, you will get at least 2% more cash over what you saved in the form of interest.
7 Tips to Save on Full Home Renovation Costs in Toronto
It’s not enough to have enough money to renovate your home. Economizing is another factor to consider. Here are seven smart tips to save on your next renovation project.
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Mix Construction Material Quality
Whenever possible, mix your construction materials’ quality. Balance between standard, custom, handmade, and off-self materials to save some bucks.
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Talk to Home Renovation Specialists
Talking to renovation specialists like Heritage Construction could also save you cash. Many reputable renovators usually offer free consultations that could help you save money. They can give you valuable advice that will help you plan for your limited funds well.
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Draw and Stick to a Plan
You need to make a plan and stick to it using your advice from renovation experts. It’s prudent to have a plan to guide what your contractor should and shouldn’t do. Otherwise, you might ask them to do things you didn’t envision, ballooning your budget.
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Recycle and Reuse
Save renovation costs by recycling and reusing building materials. You can source recycled materials from local construction companies and hardware stores.
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Shop From Discount Outlets
You may also minimize your renovation costs by shopping from discount outlets. Ensure you check out with those near you to save money.
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Get Multiple Quotes
Don’t rush into settling for a home renovator without getting several quotes from reputable contractors. You will save lots of cash since you won’t pay more for a job an equally good competitor can do for less.
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Negotiate Well
Lastly, learn how to negotiate with renovation contractors to save some bucks. You can make some good savings by pulling prices down in your favor, especially on large renovation projects.
Let’s Renovate Your Home Today
All quality home renovations will cost you money. The cost depends on different factors, but prudent budgeting can help you save cash on your renovation works.
Do you have a home renovation project in and around Toronto for which you need help? Don’t hesitate to contact us today for a free quote and consultation.
